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The Indian indices may have lost some gains but continued to remain buoyant in the last one hour of trade. It is now certain that BJP led NDA will form the next government at the Centre. At the time of writing, NDA was leading in 340 odd seats (including results) making it clear that India will have its first single party government at the Centre since 1984.

The BSE-Sensex is trading up 286 points and the NSE-Nifty is trading up 85 points. The rupee is trading at 58.85 to the US dollar.

While this election verdict by all means gives the NDA a freehand to table reforms by the virtue of being able to form the government on its own we believe that investors should not go overboard and chase cyclicals. Rather they should focus on valuations and fundamentals and then take their investment decision.